REVEALED: Tassie’s suburbs with a more than $1m median house price
Several new suburbs have joined Tassie’s million dollar club, and not all of them are in Hobart. SEE LIST >>
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Several new suburbs have joined Tassie’s million dollar club, and not all of them are in Hobart.
Last year in March the Mercury reported only one suburb had cracked the $1m median house price threshold in 2020.
Perhaps unsurprisingly, Battery Point had stood on its own as the only member of the club.
In 2021, however, the list expanded to include a further nine suburbs.
You might be able to guess some of the greater Hobart gems that cracked the seven-figure median threshold, but some suburbs dotted beyond Hobart in Kingborough, Clarence, and even the Huon Valley have become less-predictable additions to the list.
Theresa Doherty has had a home in Mount Stuart for nearly 20 years, but is finally selling and downsizing as she and her husband approach retirement.
She wasn’t surprised Mount Stuart had skyrocketed in value.
“It was quiet, the views were spectacular, it was so easy to access the city,” she said.
“Because so many houses are built on a hill they look like cottages outside, then they’re big and beautiful on the inside.
“It’s one of those really well kept secrets in hobart.”
Ms Doherty said more young families had moved to the “sunny, bright” suburb to raise children in an area close to nice schools and restaurants.
“I think a lot of the houses have got this really flexible living space and a lot of families really like that now,” she said.
“Young adults tend not to move out of home because they can’t afford to get into the market themselves.”
Real Estate Institute of Tasmania (REIT) president Michael Walsh said it had been a bumper 12 months for house prices.
“It’ll probably go down as our most dynamic year in the property market, without a doubt,” he said.
Mr Walsh said more suburbs may join the million dollar club in 2022, but it wasn’t a given.
“That’s assuming the sort of growth we had last year is going to apply this year, but I don’t think that’s going to be the case,” he said.
In total, 10 suburbs became million dollar club members according to overall REIT data for 2021.
A handful of others had a median of $1m or more according to December quarter sales data, which could be an indication they will be joining the club in 2022.
Here is a list of the state’s 10 suburbs with a million dollar median house price.
1. Battery Point
A Million Dollar Club veteran from 2020, Battery Point again recorded the highest median house price of any suburb in Tasmania.
It’s unsurprising the quaint locale has made the list again, climbing from a $1.3m median in 2020 to $1.6m last year.
REIT calculated the median data amid 14 house sales overall last year, compared to nine sales in the previous year.
Battery Point also beat its maximum sale record, with one Clarke Ave waterside property selling for an eye-watering $5.1m.
Even the charming suburb’s cheapest house sale for the year was above the $1m threshold at $1.12m.
The historic area just next to the city is also possibly Tasmania’s most aesthetically pleasing suburb, with neatly kept rose gardens lining the footpaths outside hundreds of elegant, heritage cottage-style houses.
Only when you view Battery Point from the sea do you get a true sense of just how lavish the neighbourhood really is.
2. Tinderbox
Though only three houses in this suburb sold in 2021, each one was considerably higher than $1m.
Tinderbox has been edging towards the seven-figure milestone for some time.
The secluded, bushy zone feels like it could be in the middle of nowhere, but it’s just a stone’s throw from Blackmans Bay and Kingston Beach in Kingborough.
Tinderbox has a number of luxurious homes set high above the water on vast acreage.
One of them, no. 175 Tinderbox Rd, fetched top dollar in June.
The five bedroom, four bathroom home set on 2ha broke a suburb record at $2.7m.
The median house price for Tinderbox in 2021 was only slightly lower than Battery Point at $1.565m, though Mr Walsh warned data for suburbs with a lower number of sales may be skewed or volatile, as all it takes is one whopping transaction to send the median skyrocketing.
3. Sandy Bay
A staggering 117 houses sold in Sandy Bay last year.
The cheapest was $185,000 – a rare price point for the area by all accounts – but the median was a healthy $1.4m.
Sandy Bay is considered by many to be “the” wealthy Hobart suburb, with grandiose hillside mansions overlooking the beach.
Mr Walsh said the suburb had a long track record of hefty sales.
“It’s quite logical the average cost goes over $1m,” he said.
4. Clifton Beach
Similarly to Tinderbox, just three houses were sold in Clifton Beach over the 12 month data period.
The addition of Clifton Beach to the club might come as a surprise, being a good 30 minute drive from Hobart down towards South Arm.
But the stunning coastal suburb has also wracked up massive sales, scoring a median of $1.375m last year.
The $1.375m sale in April last year was no.95 Clifton Beach Rd.
Sitting on 5ha of land, the home attracted a large price for its scenic lagoon vista and spacious rooms.
5. Tolmans Hill
After stagnating in 2019 and 2020, the median at Tolmans Hill rose sharply last year.
The median jumped from $887,000 in 2020 to about $1.24m in 2021.
The height of the secluded hill where the suburb sits gives houses there an even more breathtaking vantage point to view the River Derwent and surrounding bushland.
That, and its proximity to the university and Sandy Bay and Mount Nelson amenities makes it a sought after place to live in luxury.
A brightly coloured three-storey home at no.63 Hillcrest Rd sold for $1.2m in the suburb last year while 74 Woodcutters Rd sold for $1.035m in October.
The cheapest sale of the four recorded in the area by REIT last year was $696,000, with the houses being snapped up generally within the week.
6. Acton Park
Considering how low-density Acton Park is, its perhaps not a shock to see a string of sweeping, idyllic countryside sales nudging this suburb towards the top of the pack.
$1.1m was the median among a considerable 19 sales, with 233 Axiom Way going for $1.48m in January this year, suggesting the upward trend could continue.
The property has a wrap-around deck and floor-to-ceiling windows across much of the home’s exterior, bringing the serene surrounds into the tranquil interior space.
The REIT president said the consistency of plot sizes in the Clarence City suburb secured its million dollar club status.
“They’re all on acreage, it’s a fairly level playing field compared to, say, Glenorchy where you’ve got all shapes and sizes of price values but not a consistent flow of $1m-plus properties,” Mr Walsh said.
7. Cradoc
Probably the most left-field entry on this list, and the only Huon Valley LGA appearance by a long shot, Cradoc’s median for the year was $1.053m.
Mr Walsh said it was possible statistics drawn from a small number of sales artificially pushed the suburb into the million dollar category.
Sitting along the Huon River near Woodstock and Cygnet, seven homes sold in Cradoc last year on substantial plots of land.
One such house was no.1652 Cygnet Coast Rd, with previous owners nabbing $1.52m for it.
The home has a stunning view of the river, total privacy, orchards, fenced vegetable gardens and huge shed space ideal for living off the land in style.
The suburb also has the advantage of being positioned about 10 minutes from both Cygnet and Huonville.
8. Howden
Just west of wealthy locale Tinderbox sits Howden, an isolated, but up and coming, North West Bay gem.
The area borders the Peter Murrell State Reserve and sits opposite Margate on the river.
Howden had the same $1.053m median as Cradoc.
The addition of Howden to the club suggests we could be seeing more Kingborough suburbs join the list in coming years.
“(It’s) very interesting to see the number of suburbs down there that are exhibiting that sort of average price at the moment,” Mr Walsh said.
9. Mount Stuart
Another central suburb near the city has gone gangbusters, jumping from a $788,050 median in 2020 to $1.02m last year.
Near Mount Stuart is the North Hobart foodie strip, Calvary private hospital and Knocklofty nature reserve.
Among the 10 Million Dollar median suburbs, Mount Stuart’s homes on the market got snapped up the fastest.
Data from the 23 Mount Stuart sales suggests houses spent a median of six days on the market before they were bought.
Mr Walsh said it was quite possible land prices in Mount Stuart and greater Hobart areas were exorbitant, just like house prices.
10. West Hobart
Rounding out the list, just next door to Mount Stuart, West Hobart snuck into the club with a $1.006m median.
Mr Walsh said the central suburb had plenty going for it.
“West Hobart is one of those close to the city suburbs that has great architecture and sought-after homes,” he said.
There were 57 houses sold in the area last year, the highest hovering around the $2m mark.
Already several houses have sold for more than $1m in 2022, suggesting the suburb won’t lose its club position any time soon.
No. 73 Knocklofty Terrace was one such house, fusing retro 1930’s charm with sophisticated, modern white and beige interiors.
In an earlier version of this article, the Mercury incorrectly stated that Michael Walsh was the REIT CEO and that he had worked at Harcourts.
Mr Walsh is in fact the REIT president and does not work at Harcourts. The Mercury apologises for this error.
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